Section Two: Translate five of the following terms into English and define them briefly in English. Write your answers on the ANSWER SHEET (15 points, 3 points each).(共15分，一个3分）

全面二孩：universal two-child policy ? A two-child policy is a government-imposed limit of two children allowed per family or the payment of government subsidies only to the first two children. It has previously been used in Vietnam. In British Hong Kong in the 1970s, citizens were also highly encouraged to have two children as a limit (although it was not mandated by law), and it was used as part of the region’s family planning strategies. It’s also a policy in China since 2016.[

—带一路：One Belt and One Road? The Silk Road Economic Belt and the 21st-century Maritime Silk Road, also known as The Belt and Road (abbreviated B&R), One Belt, One Road (abbreviated OBOR) or the Belt and Road Initiative is a development strategy and framework, proposed by Chinese paramount leader Xi Jinping that focuses on connectivity and cooperation among countries primarily between the People’s Republic of China and the rest of Eurasia, which consists of two main components, the land-based “Silk Road Economic Belt” (SREB) and oceangoing “Maritime Silk Road” (MSR). The strategy underlines China’s push to take a bigger role in global affairs, and its need for priority capacity cooperation in areas such as steel manufacturing.

It was unveiled in September and October 2013 in announcements revealing the SREB and MSR, respectively. It was also promoted by Premier Li Keqiang during the State visit in Asia and Europe..灵猫六国： CIVETS? The CIVETS are six favored emerging markets countries – Colombia, Indonesia, Vietnam, Egypt, Turkey and South Africa.[1] These countries are favored for several reasons, such as “a diverse and dynamic economy” and “a young, growing population”.This list is comparable to the Next Eleven, devised by Jim O’Neill of Goldman Sachs.

跨太平洋伙伴关系协定:Trans-Pacific Partnership Agreement (TPP)：The Trans-Pacific Partnership (TPP) or Trans Pacific Partnership Agreement (TPPA) is a trade agreement among twelve of the Pacific Rim countries—notably not including China. The finalized proposal was signed on 4 February 2016 in Auckland, New Zealand, concluding seven years of negotiations. It is currently awaiting ratification to enter into force. The 30 chapters of the agreement aim to “promote economic growth; support the creation and retention of jobs; enhance innovation, productivity and competitiveness; raise living standards; reduce poverty in the signatories’ countries; and promote transparency, good governance, and enhanced labor and environmental protections.

国际收支平衡表：Balance of payments?? The balance of payments, also known as balance of international payments and abbreviated BoP, of a country is the record of all economic transactions between the residents of the country and the rest of the world in a particular period (over a quarter of a year or more commonly over a year). These transactions are made by individuals, firms and government bodies. Thus the balance of payments includes all external visible and non-visible transactions of a country.

首次公开募股：IPO; initial public offering? An initial public offering (IPO) is the first time that the stock of a private company is offered to the public. IPOs are often issued by smaller, younger companies seeking capital to expand, but they can also be done by large privately owned companies looking to become publicly traded. In an IPO, the issuer obtains the assistance of an underwriting firm, which helps determine what type of security to issue, the best offering price, the amount of shares to be issued and the time to bring it to market.

投资组合理论：Theory of Portfolio Investment；Modern portfolio theory? Modern portfolio theory (MPT), or mean-variance analysis, is a mathematical framework for assembling a portfolio of assets such that the expected return is maximized for a given level of risk, defined as variance. Its key insight is that an asset’s risk and return should not be assessed by itself, but by how it contributes to a portfolio’s overall risk and return.

Improved client services—that will ultimately help the World Bank Group deliver onits goals—can only happen within a strong risk management culture and frameworkthat preserves the Bank Group’s reputation and financial sustainability in an increasinglyuncertain and challenging environment. The Bank Group’s approach involvesactively taking, while carefully managing, risks in pursuing its objectives. It seeks toensure that risks are adequately assessed, measured, monitored, and reported sothat corrective action, if necessary, can be taken in a timely manner and impactsmitigated. As the environment changes and as new risks emerge, this process willevolve.

The Bank Group faces a variety of risks related to development impacts, environmentaland social safeguards, integrity, and financial management. It manages themthrough a customized risk rating and regular monitoring system as well as throughengagement with clients. It manages other risks, including financial and operationalrisks, using leading industry practices and standards adapted to the Bank Group’spurposes.

The external challenges are many. They include a low interest rate environment,which affects income; the impact of low oil prices on some country clients; geopoliticaltensions, which affect some of the Bank Group’s areas of operation; the risksof economic slowdown, which are facing some developing countries; and policynormalization in developed markets, which can heighten volatility in currencies andcapital flows to some emerging market economies. Finally, the Bank Group continuesto face operational risks, including the growing threat of data and informationsecurity breaches and external events that can impact business continuity and thephysical security of its staff.

As both a development and a financial institution, the World Bank Group facesspecial challenges in the current environment. Initiatives in 2015 on financing fordevelopment, the Sustainable Development Goals, and climate change will affectthe development agenda for years to come. The emergence of new multilateraldevelopment institutions creates both opportunities and challenges for creativepartnerships and requires fresh thinking about the financial structure of the WorldBank Group.

These changes are occurring against a backdrop of major internal organizationalreform and an uncertain external environment. Internal reform is being stabilized,although the impact on staff and program delivery still needs to be carefully managed.Budgeting effectively and securing resources for financial sustainability willalso be key components of building stability.(选自 World Bank Annual Report 2015 mtizt.com注）

We will give full support to initiatives that help strengthen maritime cooperation. We will not accept acts that undermine stability in the South China Sea. We Chinese believe in repaying kindness with kindness and meeting wrongdoing with justice. We value friendship and never treat friends unfairly, and we also stand by principles and firmly uphold our fundamental position.

we should maintain the general environment of peaceful development and build an Asian community of shared responsibilities. Regional turbulence courts disaster while stability in the neighborhood brings prosperity.

In the age of economic globalization, no Asian countries can achieve development in isolation from each other, still less can they pursue development as a “zero-sum game”. Rather, with our interests closely entwined, we the Asian countries need to seek mutually beneficial cooperation where “one plus one can make more than two” and even produces a multiplying effect in which “two plus two makes more than four”.

The negotiation on the Regional Comprehensive Economic Partnership (RCEP) is the largest trade agreement negotiation with the most extensive participation in East Asia, and the RCEP is integration of existing mature free trade areas. Being highly inclusive and based on Asia’s industrial structure, economic model and social tradition, the RCEP is a phased-in arrangement that accommodates member countries at different levels of development, and it does not exclude other regional trading arrangements.